A RANT; Additional Secuity Questions

[ClareC]

Having had my bank card cloned about a year ago I am all for banks being cautious of transactions and verifying that the card owner is actually the person spending but this has happened to me THREE TIMES in FOUR DAYS grrrrrrrrr. It is so time consuming and one transaction was one I make every week!! Hardly suspicious.

Its happened twice with my bank (one of which they declined me despite having answered all the questions correctly, leaving me with no alternative means of payment - a mistake apparantly) the third with my credit card, trying to buy some furniture from JL - apparantly didnt meet my usual spending pattern (Who does buy furniture regularly ?!?!?!)

Anyway, having wasted a considerable amount of time on the phone to bank, CC company and JL all is well. Damn annoying though! I think there is a conspiracy to prevent me spending at the moment :-(

[snorky]

Thats cos the banks are still covering losses on CC - despite Chip & pin being hailed as the unbreakable security solution for the future ( and making things easier for those pesky technically adept fraudsters)

The banks are discussing with renewed urgency, dumping the liability back onto the customer as losses are starting to get silly - they are not legally obliged to cover CC frauds, but know that they would see a lucrative side of the business collapse of they introduced these changes.

[ClareC]

Too right! I am beginning to think cash in the mattress is the way forward ;-)

It would kill internet business and a lot of other business if Banks did this - I am not sure what the answer is. Having had it happpen to me (no idea how it was cloned!) I now keep minimal money in my current account (the one at risk of cloning) and just transfer money to it as and when I need to. Maybe the answer is to have a "cash" account ie an account that is used solely for paying by card / drawing cash and nothing else, with minimal money of course - not really conveninet though.

When my card was cloned it took around a month to get my money back.... glad to get it back but ?1000 is a lot of money to be without over that period of time :-(

[Keef]

I have this problem with one of the banks I use. I call up, and they take you through so much security. Problem is, it's an online account, but you have a PIN for your log in, a phone PIN, about 4 different passwords, it's a nightmare!

And then they tell you not to write anything down, how else can you remember all that shite?

[peckhamboy]

snorky Wrote:

-------------------------------------------------------

> Thats cos the banks are still covering losses on

> CC - despite Chip & pin being hailed as the

> unbreakable security solution for the future ( and

> making things easier for those pesky technically

> adept fraudsters)

>

> The banks are discussing with renewed urgency,

> dumping the liability back onto the customer as

> losses are starting to get silly - they are not

> legally obliged to cover CC frauds, but know that

> they would see a lucrative side of the business

> collapse of they introduced these changes.

Interesting. But wrong.

[snorky]

correct me then

[peckhamboy]

Fine. The banks are not discussing how to dump liability on customers for credit card fraud. They are in fact facing increased regulation and new legal protections against fraud for customers using credit cards or similar methods of making payments. Which will make banks legally obliged to cover most CC frauds.

[Michael Palaeologus]

I moved to an Amex credit card as I was getting so frustrated with the Mastercard/Visa security screen that popped up every time I made an on-line purchase.

[snorky]

Traditionally, the consumer credit act meant that the issuer covered the cost - often split or lumped onto the retailer. The Banks have been discussing of late subtle chages in their R&R to dump responsibilty for the fraud onto the customer, using the Chip n pin as evidence that the victims must have been either negligent or complicit on the fraud - this circumvents the CC act provisions but is politically loaded - as various methods of additonal secutrity checks are brought ion, expect changes in the conditions to attempt to lay off their liability once more

this hasnt gone down well as may be xpected, so public announcements on this are not very common.

Banks are also facing a retailer backlash , as they are reversing any transactiosn that are later found to be the result of fraud, leaving the retialer out of pocket - on top of the 3-4% that they take in commission anyway.

[ClareC]

Michael Palaeologus Wrote:

-------------------------------------------------------

> I moved to an Amex credit card as I was getting so

> frustrated with the Mastercard/Visa security

> screen that popped up every time I made an on-line

> purchase.

I went through all this rigmoral and still the transaction was turned down!?!?!